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Recovery rates change when expressed as a percentage of invested assets ("hard assets" such as cash, stocks, and bonds) rather than total assets (which include hard assets as well as agent balances and other noninvested assets).
The third and fourth variables are the proportion of reinsurer receivables and agent balances. Distressed companies often fail because of problems with receivables from agents and reinsures, making it difficult for liquidators to collect on these assets.